As per the order made by the Securities Appellate Tribunal (SAT), the founder of the Future Group, Kishore Biyani has deposited the interim fine in the insider trading case. The money has been deposited to SEBI. An interim fine of ₹11-crore was levied by SAT on Biyani and a few others by the Securities Appellate Tribunal.

 

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On the hearing held by a three-member Bench at SAT on February 15, led by Justice Tarun Agarwala, the bench stayed an order passed by the market regulator earlier, which barred the brothers Kishore and Anil Biyani and Future Corporate Resources Pvt Ltd and other individuals, from accessing the securities market for one year. In the order, SEBI stated about finding a few entities of the group which traded the shares of Future Retail based on unpublished price-sensitive information, violating SEBI norms between March 10 and April 20, 2017.

In its order, SEBI had ordered Future Corporate Resources Pvt Ltd, and the Biyani brothers to jointly and severally disgorge ₹17.78 crores along with an interest of 12% per annum from April 20, 2020, up till the date of actual payment.

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